China has not joined the U.S. in trade talks, Treasury Secretary Scott Bessent told Congress today, CNN reports.

President Donald Trump has said the U.S. is in talks with China on trade issues, but Beijing has denied such negotiations.

“We haven't entered into negotiations with China yet,” Bessent said during a House oversight hearing. - "So I expect that we could see significant reductions in the tariffs that are levied on us, as well as non-tariff barriers, currency manipulation and subsidies on both labor and capital investment.

While efforts are currently focused on one-on-one negotiations, he said that multi-country trade agreements are still possible if countries can agree on a common tariff structure.

Bessent also revealed that the Trump administration could announce trade deals with other countries “as soon as this week.”

“I think we may be announcing trade deals with some of our largest trading partners as early as this week,” Bessent said, without specifying which countries he was referring to.